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<p style="margin: 0px; font-size: 15pt">Hundredfold Select Alternative Fund</p>
<p style="margin: 0px; font-size: 15pt">Hundredfold Select Global Fund</p>
<p style="margin: 0px; font-size: 15pt">Hundredfold Select Equity Fund</p>
<p style="margin: 0px"></p>
<p style="margin: 0px; font-size: 1pt"> </p>
<p style="margin: 0px; font-family: Arial"><b>Investment Objective</b></p>
<p style="margin: 0px"></p>
<p style="margin: 0px; font-size: 1pt"> </p>
<p style="margin: 0px; font-family: Arial"><b>Investment Objective</b></p>
<p style="margin: 0px"></p>
<p style="margin: 0px; font-size: 1pt"> </p>
<p style="margin: 0px; font-family: Arial"><b>Investment Objective</b></p>
<p style="margin: 0px">The Fund seeks a moderate total rate of return (income plus capital appreciation) on an annual basis.</p>
<p style="margin: 0px">The Fund seeks a moderate total rate of return (income plus capital appreciation) on an annual basis.</p>
<p style="margin: 0px">The Fund seeks a moderate total rate of return (income plus capital appreciation) on an annual basis.</p>
<p style="margin: 0px; font-family: Arial"><b>Fees and Expenses of the Fund</b><font style="font-family: Times New Roman"> </font></p>
<p style="margin: 0px; font-family: Arial"><b>Fees and Expenses of the Fund</b><font style="font-family: Times New Roman"> </font></p>
<p style="margin: 0px; font-family: Arial"><b>Fees and Expenses of the Fund</b><font style="font-family: Times New Roman"> </font></p>
<p style="margin: 0px">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </p>
<p style="margin: 0px">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </p>
<p style="margin: 0px">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </p>
<p style="margin: 0px"></p>
<p style="margin: 0px; font-size: 1pt"> </p>
<p style="margin: 0px; font-family: Arial"><b>Annual Fund Operating Expenses </b><font style="font-family: Times New Roman">(expenses that you pay each year as a percentage of the value of your investment)</font></p>
<p style="margin: 0px"></p>
<p style="margin: 0px; font-size: 1pt"> </p>
<p style="margin: 0px; font-family: Arial"><b>Annual Fund Operating Expenses </b><font style="font-family: Times New Roman">(expenses that you pay each year as a percentage of the value of your investment)</font></p>
<p style="margin: 0px"></p>
<p style="margin: 0px; font-size: 1pt"> </p>
<p style="margin: 0px; font-family: Arial"><b>Annual Fund Operating Expenses </b><font style="font-family: Times New Roman">(expenses that you pay each year as a percentage of the value of your investment)</font></p>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact nlf_S000033695Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
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<p style="margin: 0px; font-family: Arial; text-align: justify"><b>Example.</b></p>
<p style="margin: 0px; font-family: Arial; text-align: justify"><b>Example.</b></p>
<p style="margin: 0px; font-family: Arial; text-align: justify"><b>Example.</b></p>
<p style="margin: 0px">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="margin: 0px">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="margin: 0px">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="margin: 0px">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </font></p>
<p style="margin: 0px">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </font></p>
<p style="margin: 0px">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </font></p>
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<div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact nlf_S000033696Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact nlf_S000033697Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<p style="margin: 0px; text-align: justify"></p>
<p style="margin: 0px; font-family: Arial; text-align: justify"><b>Portfolio Turnover.</b></p>
<p style="margin: 0px; text-align: justify"></p>
<p style="margin: 0px; font-family: Arial; text-align: justify"><b>Portfolio Turnover.</b></p>
<p style="margin: 0px; text-align: justify"></p>
<p style="margin: 0px; font-family: Arial; text-align: justify"><b>Portfolio Turnover.</b></p>
<p style="margin: 0px">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was
<font style="font-family: Times New Roman">
418
</font>% of the average value of its portfolio.</p>
<p style="margin: 0px">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was
<font style="font-family: Times New Roman">
1 , 979
</font>
% of the average value of its portfolio. The Fund has a very high portfolio turnover due to its aggressive management strategy.</p>
<p style="margin: 0px">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was
<font style="font-family: Times New Roman">
2 , 277
</font>% of the average value of its portfolio. The Fund has a very high portfolio turnover due to its aggressive management strategy.</p>
<p style="margin: 0px"><b>Principal Investment Strategy</b></p>
<p style="margin: 0px"><b>Principal Investment Strategy</b></p>
<p style="margin: 0px"><b>Principal Investment Strategy</b></p>
<p style="margin: 0px">Hundredfold Advisors LLC (“Hundredfold” or the “Subadviser”) actively manages the Fund’s portfolio to invest in any combination of equity and fixed-income securities based on market conditions and trends and the Subadviser’s expectations and assessment of risks. (The term “Alternative” in the Fund’s name simply refers to the fact that the Subadviser may choose from among many investment alternatives.) Although the Fund may invest directly in equity and fixed-income securities, it will primarily invest in such securities indirectly through securities that invest in or are a derivative of such securities, primarily including futures contracts, swap agreements, exchange-traded funds (“ETFs”), naked and covered options on such instruments, currencies, and other investment companies.  It may also seek exposure to securities of foreign issuers.</p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify">The Select Alternative Fund invests directly or indirectly in fixed-income securities without any restriction on maturity or creditworthiness, which primarily include government securities, asset-backed debt securities, mortgaged-backed securities and debt securities rated below investment grade, also known as “junk bonds”. The Fund invests in equity securities without consideration to any specific sector or market capitalization range. The Subadviser’s investment decisions are based on a variety of trading models and an analysis of the overall investment opportunities and risks among categories or sectors of equity and fixed-income securities or investment vehicles that represent pools of such securities, such as major market indices, investment companies and ETFs. The Subadviser’s strategy does not involve fundamental research and analysis of individual securities. The Fund is a “non-diversified” fund, meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities. The Fund employs an aggressive management strategy that typically results in high portfolio turnover. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify">The Subadviser employs an investment strategy that alternates between positions designed to profit from market trends, such as entering into “long” and “short” positions, directly or indirectly through ETFs, other investment companies and derivatives of equity and fixed-income securities, and investing in cash or cash equivalents as a temporary defensive measure. The Subadviser seeks to take “long” positions in or purchase securities prior to or at the outset of upward trends for such securities and seeks to take<b> </b>“short” positions in or sell securities prior to or early in downward trends in the value of such securities. There is no limit on the amount of the Fund’s assets that may be invested in derivative instruments or used to cover short positions. The Subadviser may reposition the Fund’s portfolio in response to market movements in an attempt to participate in a developing trend and may attempt to anticipate market moves and initiate appropriate action in advance of actual market trends. The Subadviser will employ leveraged investment techniques that allow the Fund to increase its exposure to the market during times when the Subadviser anticipates a strong market trend. The Subadviser also may employ hedging strategies designed to reduce volatility and risk. </p>
<p style="margin: 0px; text-align: justify">Hundredfold Advisors LLC (“Hundredfold” or the “Subadviser”) actively manages the Fund’s portfolio by attempting to anticipate, and respond to, trends in markets in various countries and regions around the world. The Fund will invest directly in developed and emerging market countries in Europe, the Far East, the Middle East, Africa, Australia and Latin America. The Fund may invest in international equity and debt securities directly or indirectly through securities that invest in or are a derivative of international equity securities, primarily including futures contracts, swap agreements, exchange-traded funds (“ETFs”), naked and covered options on such instruments, currencies and other investment companies. The Fund may invest directly in individual foreign securities or indirectly through American Depository Receipts (“ADRs”). Although the Fund may invest in domestic equity and debt securities, it will primarily invest in international equity and debt securities, including junk bonds. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify">The Subadviser employs an investment strategy that alternates between positions designed to profit from market trends, such as entering into “long” and “short” positions in domestic and international securities, and investing in cash or cash equivalents as a temporary defensive measure. The Subadviser seeks to take “long” positions in domestic or international securities prior to or at the outset of upward trends for such securities and seeks to take “short” positions in or sell such securities prior to or early in downward trends in the value of such securities. The Subadviser will analyze the overall investment opportunities and risks among issuers in various countries, regions and market sectors of foreign securities or investment vehicles that represent pools of foreign securities, such as major market indices and ETFs. The Subadviser’s strategy does not involve fundamental research and analysis of individual equity securities. The Fund is a “non-diversified” fund, meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities. The Fund employs an aggressive management strategy that typically results in high portfolio turnover. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify">The Subadviser will consider elements of market trends and momentum, including price actions, advance-decline lines, market highs and lows and the overall direction of market trends. As a result, the Subadviser may reposition the Fund’s portfolio in response to market movements in an attempt to participate in a developing trend. The Subadviser also may attempt to anticipate market moves and initiate appropriate action in advance of actual market trends in order to minimize the loss of capital appreciation that would occur with a “buy and hold” investment strategy. The Subadviser will likely engage in frequent trading of the Fund’s securities in an attempt to position its portfolio in line with the Subadviser’s expectations for market trends. In addition, the Subadviser will employ leveraged investment techniques that allow the Fund to gain greater exposure to target securities. </p>
<p style="margin: 0px; text-align: justify">Under normal market conditions, the Fund will invest at least 80% in equity securities or derivatives of such securities. The Fund invests in equity securities of any market capitalization, investment style, market sector or industry. The Fund may also seek exposure to securities of foreign issuers. Although the Fund may invest directly in equity securities, it may also invest in such securities indirectly through securities that invest in or are a derivative of equity securities, primarily including futures contracts, swap agreements, exchange-traded funds (‘‘ETFs”), naked and covered options on such instruments, currencies, and other investment companies. The Fund is a “non-diversified” fund, meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify">Hundredfold Advisors LLC (“Hundredfold” or the “Subadviser”) actively manages the Fund’s portfolio by attempting to anticipate, and respond to, trends in equity securities. The Subadviser will employ an investment strategy that alternates between positions designed to profit from market trends, such as entering into “long” and “short” positions of equity securities, and investing in cash or cash equivalents as a temporary defensive measure. The Subadviser seeks to take “long” positions in or purchase equity securities prior to or at the outset of upward trends for such securities and seeks to take “short” positions in or sell equity securities prior to or early in downward trends in the value of such securities. When the Subadviser believes it appropriate, the Subadviser will employ leveraged investment techniques that allow the Equity Fund to gain greater exposure to its target investments. The Fund employs an aggressive management strategy that typically results in high portfolio turnover. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify">The Subadviser will consider elements of market trends and momentum, including price actions, advance-decline lines, market highs and lows and the overall direction of market trends. The Subadviser’s strategy does not involve fundamental research and analysis of individual equity securities. The Subadviser will analyze the overall investment opportunities and risks among categories or sectors of equity securities or investment vehicles that represent pools of equity securities, such as major market indices and ETFs. As a result, the Subadviser may reposition the Fund’s portfolio in response to market movements in an attempt to participate in a developing trend and may attempt to anticipate market moves and initiate appropriate action in advance of actual market trends. The Subadviser will likely engage in frequent trading of the Fund’s securities in an attempt to position its portfolio in line with the Subadviser’s expectations for market trends. </p>
<p style="margin: 0px; text-align: justify"></p>
<p style="margin: 0px; font-size: 1pt"> </p>
<p style="margin: 0px; font-family: Arial"><b>Principal Investment Risks</b></p>
<p style="margin: 0px; text-align: justify"></p>
<p style="margin: 0px; font-size: 1pt"> </p>
<p style="margin: 0px; font-family: Arial"><b>Principal Investment Risks</b></p>
<p style="margin: 0px; text-align: justify"></p>
<p style="margin: 0px; font-size: 1pt"> </p>
<p style="margin: 0px; font-family: Arial"><b>Principal Investment Risks</b></p>
<p style="margin: 0px">An investment in the Fund entails risks. The Fund could lose money, or its performance could trail that of other investment alternatives. Neither the Subadviser nor the Fund’s adviser, Advisors Preferred LLC (“Advisors Preferred” or the “Adviser”) can guarantee that the Fund will achieve its objective. (Collectively, the Subadviser and Advisors Preferred are referred to herein as “Advisers” in certain circumstances.) In addition, the Fund presents some risks not traditionally associated with most mutual funds. It is important that investors closely review and understand these risks before making an investment in the Fund. Turbulence in financial markets and reduced liquidity in equity, credit and fixed income markets could negatively affect many issuers worldwide, including the Fund. There is the risk that you could lose all or a portion of your money on your investment in the Fund. </p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; text-align: justify"><b><i>Aggressive Investment Techniques Risk</i></b> </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify">The Fund uses investment techniques that may be considered aggressive. Risks associated with the use of swap agreements and futures contracts include potentially dramatic price changes (losses) in the value of the instruments and imperfect correlations between the price of the contract and the underlying security or index. These instruments may increase the volatility of the Fund and may involve a small investment of cash relative to the magnitude of the risk assumed. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify"><b><i>Asset-Backed Securities Risk</i></b> </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify">Payment of interest and repayment of principal may be impacted by the cash flows generated by the assets backing these securities. The value of the Fund’s asset-backed securities also may be affected by changes in interest rates, the availability of information concerning the interests in and structure of the pools of purchase contracts, financing leases or sales agreements that are represented by these securities, the creditworthiness of the servicing agent for the pool, the originator of the loans or receivables, or the entities that provide any supporting letters of credit, surety bonds, or other credit enhancements. </p>
<p style="margin: 0px; text-align: justify"><br /><br /></p>
<p style="margin: 0px; text-align: justify"><b><i>Credit Risk</i></b> </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify">The Fund could lose money if the issuer of a debt security is unable to meet its financial obligations or goes bankrupt. The Fund could also lose money if the issuer of a debt security in which it has a short position is upgraded or generally improves its standing. Changes in an issuer’s financial strength or in an issuer’s or debt security’s credit rating also may affect a security’s value and thus have an impact on Fund performance. Credit risk usually applies to most debt securities, but generally is not a factor for U.S. government obligations. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify"><b><i>Counterparty Risk</i></b> </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify">The Fund may invest in financial instruments involving counterparties for the purpose of attempting to gain exposure to a particular group of securities or asset class without actually purchasing those securities or investments, or to hedge a position. The Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Swap agreements also may be considered to be illiquid. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin-top: 0px; margin-bottom: 11.13px; text-align: justify"><b><i>Depositary Receipt Risk</i></b> </p>
<p style="margin: 0px; text-align: justify">To the extent the Fund invests in stocks of foreign corporations, the Fund’s investment in such stocks may also be in the form of depositary receipts or other securities convertible into securities of foreign issuers, including American Depositary Receipts (“ADRs”). While the use of ADRs, which are traded on exchanges and represent an ownership in a foreign security, provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs continue to be subject to many of the risks associated with investing directly in foreign securities.  </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; text-align: justify"><b><i>Derivatives Risk</i></b> </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify">Investments in derivatives are subject to market risks that may cause their prices to fluctuate over time and increase the Fund’s volatility. As a result, the Fund may incur larger losses or smaller gains than otherwise would be the case if the Fund invested directly in the underlying securities. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify"><b><i>Emerging Markets Risk</i></b> </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; text-align: justify">Investments in emerging markets instruments involve greater risks than investing in foreign instruments in general. Risks of investing in emerging market countries include political or social upheaval, nationalization of businesses, restrictions on foreign ownership and prohibitions on the repatriation of assets and risks from an economy’s dependence on revenues from particular commodities or industries. In addition, currency transfer restrictions, limited potential buyers for such instruments, delays and disruption in settlement procedures and illiquidity or low volumes of transactions may make exits difficult or impossible at times. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; text-align: justify"><b><i>Equity Securities Risk</i></b> </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify">Investments in publicly issued equity securities in general are subject to market risks that may cause their prices to fluctuate over time and in turn cause the Fund’s NAV to fluctuate. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; text-align: justify"><b><i>Foreign Securities Risk</i></b> </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; text-align: justify">Investments in foreign securities involve greater risks than investing in domestic securities. As a result, the Fund’s returns and net asset values may be affected to a large degree by fluctuations in currency exchange rates, political, diplomatic or economic conditions and regulatory requirements in other countries. The Fund also may invest in depositary receipts, including ADRs, which are traded on exchanges and provide an alternative to investing directly in foreign securities. Investments in ADRs are subject to many of the risks associated with investing directly in foreign securities. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; text-align: justify"><b><i>High Portfolio Turnover Risk</i></b> </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify">The Fund may experience high portfolio turnover, which would involve correspondingly greater expenses to the Fund, as well as potentially adverse tax consequences, to the Fund’s shareholders from distributions of increased net short-term capital gains, and may adversely affect the Fund’s performance. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify"><b><i>High-Yield Securities Risk</i></b> </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify">The Fund will invest a significant portion or all of its assets in securities rated below investment grade or “junk bonds.” Junk bonds may be sensitive to economic changes, political changes, or adverse developments specific to a company. High yield securities may have speculative characteristics. These securities generally involve greater risk of default or price changes than other types of fixed-income securities and the Fund’s performance may vary significantly as a result. Therefore, an investment in the Fund is subject to a higher risk of loss than an investment in a fund that may not invest in lower-rated securities. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify"><b><i>Holding Cash Risk</i></b> </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify">The Fund may hold cash positions when the market is not producing returns greater than the short-term cash investments in which the Fund may invest. There is a risk that the sections of the market in which the Fund invests will begin to rise or fall rapidly and the Fund will not be able to sell stocks quickly enough to avoid losses, or reinvest its cash positions into areas of the advancing market quickly enough to capture the initial returns of changing market conditions. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify"><b><i>Interest Rate Risk</i></b> </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify">Debt securities have varying levels of sensitivity to changes in interest rates. The longer the maturity of a security, the greater the impact a change in interest rates could have on the security’s price. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify"><b><i>Leverage Risk</i></b> </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify">The Fund may employ leveraged investment techniques, including the use of financial instruments to produce leverage results as well as borrowing money for investment purposes. Use of leverage can magnify the effects of changes in the value of the Fund and makes it more volatile. The leveraged investment techniques that the Fund employs could cause investors in the Fund to lose more money in adverse environments. </p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; text-align: justify"><b><i>Non-Diversification Risk</i></b> </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify">A non-diversified fund invests a high percentage of its assets in a limited number of securities, exposing the Fund to fluctuations in net asset value and total return. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px"><b><i>Other Investment Companies Risk and ETFs Risk</i></b> </p>
<p style="margin: 0px"><br /></p>
<p style="margin: 0px; font-size: 1pt"> </p>
<p style="margin: 0px; text-align: justify">Investments in the securities of other investment companies may involve duplication of advisory fees and certain other expenses. Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses paid by shareholders of the other investment company or ETF, in addition to the fees and expenses Fund shareholders directly bear in connection with the Fund’s own operations. If the investment company or ETF fails to achieve its investment objective, the value of the Fund’s investment will decline, adversely affecting the Fund’s performance. In addition, ETF shares potentially may trade at a discount or a premium and are subject to brokerage and other trading costs, which could result in greater expenses to the Fund. Finally, because the value of ETF shares depends on the demand in the market, the Adviser may not be able to liquidate the Fund’s holdings in an ETF’s shares at the most optimal time, adversely affecting the Fund’s performance. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; text-align: justify"><b><i>Prepayment Risk and Mortgage-Backed Securities Risk</i></b> </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify">Many types of debt securities, including mortgage securities, are subject to prepayment risk. Prepayment occurs when the issuer of a security can repay principal prior to the security’s maturity. Securities subject to prepayment can offer less potential for gains during a declining interest rate environment and similar or greater potential for loss in a rising interest rate environment. In addition, the potential impact of prepayment features on the price of a debt security can be difficult to predict and result in greater volatility. As a result, the Fund may have to reinvest its assets in mortgage securities or other debt securities that have lower yields. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify"><b><i>Shorting Securities Risk</i></b> </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify">Short positions are designed to profit from a decline in the price of particular securities, baskets of securities or indices. The Fund will lose value if and when the instrument’s price rises — a result that is the opposite from traditional mutual funds. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; text-align: justify"><b><i>Small- and Mid-Capitalization Companies Risk</i></b> </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify">Investing in the securities of small-capitalization and mid-capitalization companies involves greater risks and the possibility of greater price volatility than investing in larger capitalization and more-established companies. Investments in mid-cap companies involve less risk than investing in small-cap companies. Smaller companies may have limited operating history, product lines, and financial resources, and the securities of these companies may lack sufficient market liquidity. Mid-cap companies often have narrower markets and more limited managerial and financial resources than larger, more established companies. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify"><b><i>Subadviser’s Investment Strategy Risk</i></b> </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; text-align: justify">The principal risk of investing in the Fund is that the Subadviser’s investment strategy will not be successful. While the Subadviser seeks to take advantage of investment opportunities for the Fund that will maximize its investment returns, there is no guarantee that such opportunities will ultimately benefit the Fund. The Subadviser will aggressively change the Fund’s portfolio in response to market conditions that are unpredictable and may expose the Fund to greater market risk than other mutual funds. There is no assurance that the Subadviser’s investment strategy will enable the Fund to achieve its investment objective. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; text-align: justify"><b><i>Tax Risk</i></b>  </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; text-align: justify">Certain of the Fund’s investment strategies, including transactions in
options, futures contracts, hedging transactions, forward contracts and swap contracts
, may be subject to the special tax rules, the effect of which may have adverse tax consequences for the Fund.</p>
<p style="margin: 0px; text-align: justify">An investment in the Fund entails risks. The Fund could lose money, or its performance could trail that of other investment alternatives. The Advisers cannot guarantee that the Fund will achieve its objective. In addition, the Fund presents some risks not traditionally associated with most mutual funds. It is important that investors closely review and understand these risks before making an investment in the Fund. Turbulence in financial markets and reduced liquidity in equity, credit and fixed income markets could negatively affect many issuers worldwide, including the Fund. There is the risk that you could lose all or a portion of your money on your investment in the Fund. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify"><b><i>Aggressive Investment Techniques Risk</i></b>
</p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify">The Fund uses investment techniques that may be considered aggressive. Risks associated with the use of swap agreements and futures contracts include potentially dramatic price changes (losses) in the value of the instruments and imperfect correlations between the price of the contract and the underlying security or index. These instruments may increase the volatility of the Fund and may involve a small investment of cash relative to the magnitude of the risk assumed. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify"><b><i>Credit Risk</i></b>
</p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify">The Fund could lose money if the issuer of a debt security is unable to meet its financial obligations or goes bankrupt. The Fund could also lose money if the issuer of a debt security in which it has a short position is upgraded or generally improves its standing. Changes in an issuer’s financial strength or in an issuer’s or debt security’s credit rating also may affect a security’s value and thus have an impact on Fund performance. Credit risk usually applies to most debt securities, but generally is not a factor for U.S. government obligations. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify"><b><i>Counterparty Risk</i></b> </p>
<p style="margin: 0px; text-align: justify">
 </p>
<p style="margin: 0px; text-align: justify">The Fund may invest in financial instruments involving counterparties for the purpose of attempting to gain exposure to a particular group of securities or asset class without actually purchasing those securities or investments, or to hedge a position. The Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Swap agreements also may be considered to be illiquid. </p>
<p style="margin: 0px; text-align: justify">
 </p>
<p style="margin: 0px; text-align: justify">
 </p>
<p style="margin: 0px; text-align: justify"><b><i>Depositary Receipt Risk</i></b>
</p>
<p style="margin: 0px; text-align: justify">To the extent the Fund invests in stocks of foreign corporations, the Fund’s investment in such stocks may also be in the form of depositary receipts or other securities convertible into securities of foreign issuers, including ADRs. While the use of ADRs, which are traded on exchanges and represent an ownership in a foreign security, provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs continue to be subject to many of the risks associated with investing directly in foreign securities.  </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; text-align: justify"><b><i>Derivatives Risk</i></b>
</p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify">Investments in derivatives are subject to market risks that may cause their prices to fluctuate over time and increase the Fund’s volatility. As a result, the Fund may incur larger losses or smaller gains than otherwise would be the case if the Fund invested directly in the underlying securities. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px"><b><i>Emerging Markets Risk</i></b>
</p>
<p style="margin: 0px; font-size: 1pt"> </p>
<p style="margin: 0px; text-align: justify">Investments in emerging markets instruments involve greater risks than investing in foreign instruments in general. Risks of investing in emerging market countries include political or social upheaval, nationalization of businesses, restrictions on foreign ownership and prohibitions on the repatriation of assets and risks from an economy’s dependence on revenues from particular commodities or industries. In addition, currency transfer restrictions, limited potential buyers for such instruments, delays and disruption in settlement procedures and illiquidity or low volumes of transactions may make exits difficult or impossible at times. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify"><b><i>Equity Securities Risk</i></b>
</p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify">Investments in publicly issued equity securities in general are subject to market risks that may cause their prices to fluctuate over time and in turn cause the Fund’s NAV to fluctuate. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify"><b><i>Foreign Securities Risk</i></b>
</p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify">Investments in foreign securities involve greater risks than investing in domestic securities. As a result, the Fund’s returns and net asset values may be affected to a large degree by fluctuations in currency exchange rates, political, diplomatic or economic conditions and regulatory requirements in other countries. The Fund also may invest in depositary receipts, including ADRs, which are traded on exchanges and provide an alternative to investing directly in foreign securities. Investments in ADRs are subject to many of the risks associated with investing directly in foreign securities. </p>
<p style="margin: 0px"><br /></p>
<p style="margin: 0px; font-size: 1pt"> </p>
<p style="margin: 0px; text-align: justify"><b><i>High Portfolio Turnover Risk</i></b>
</p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify">The Fund may experience high portfolio turnover, which would involve correspondingly greater expenses to the Fund, as well as potentially adverse tax consequences, to the Fund’s shareholders from distributions of increased net short-term capital gains and may adversely affect the Fund’s performance. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify"><b><i>High-Yield Securities Risk</i></b>
</p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify">The Fund will invest a significant portion or all of its assets in securities rated below investment grade or “junk bonds.” Junk bonds may be sensitive to economic changes, political changes, or adverse developments specific to a company. These securities generally involve greater risk of default or price changes than other types of fixed-income securities and the Fund’s performance may vary significantly as a result. Therefore, an investment in the Fund is subject to a higher risk of loss than an investment in a fund that may not invest in lower-rated securities. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; text-align: justify"><b><i>Holding Cash Risk</i></b> </p>
<p style="margin: 0px; text-align: justify">
 </p>
<p style="margin: 0px; text-align: justify">The Fund may hold cash positions when the market is not producing returns greater than the short-term cash investments in which the Fund may invest. There is a risk that the sections of the market in which the Fund invests will begin to rise or fall rapidly and the Fund will not be able to sell stocks quickly enough to avoid losses, or reinvest its cash positions into areas of the advancing market quickly enough to capture the initial returns of changing market conditions. </p>
<p style="margin: 0px">
 <br /></p>
<p style="margin: 0px"><br /></p>
<p style="margin: 0px"><b><i>Leverage Risk</i></b>
</p>
<p style="margin: 0px; font-size: 1pt"> </p>
<p style="margin: 0px; text-align: justify">The Fund may employ leveraged investment techniques, including the use of financial instruments to produce leverage results as well as borrowing money for investment purposes. Use of leverage can magnify the effects of changes in the value of the Fund and makes it more volatile. The leveraged investment techniques that the Fund employs could cause investors in the Fund to lose more money in adverse environments. </p>
<p style="margin: 0px"><br /></p>
<p style="margin: 0px; font-size: 1pt"> </p>
<p style="margin: 0px"><b><i>Non-Diversification Risk</i></b>
</p>
<p style="margin: 0px; font-size: 1pt"> </p>
<p style="margin: 0px">A non-diversified fund invests a high percentage of its assets in a limited number of securities, exposing the Fund to fluctuations in net asset value and total return. </p>
<p style="margin: 0px"><br /></p>
<p style="margin: 0px; font-size: 1pt"> </p>
<p style="margin: 0px"><b><i>Other Investment Companies and ETFs Risk</i></b>
</p>
<p style="margin: 0px; font-size: 1pt"> </p>
<p style="margin: 0px; text-align: justify">Investments in the securities of other investment companies may involve duplication of advisory fees and certain other expenses. Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses paid by shareholders of the other investment company or ETF, in addition to the fees and expenses Fund shareholders directly bear in connection with the Fund’s own operations. If the investment company or ETF fails to achieve its investment objective, the value of the Fund’s investment will decline, adversely affecting the Fund’s performance. In addition, ETF shares potentially may trade at a discount or a premium and are subject to brokerage and other trading costs, which could result in greater expenses to a Fund. Finally, because the value of ETF shares depends on the demand in the market, the Adviser may not be able to liquidate a Fund’s holdings in an ETF’s shares at the most optimal time, adversely affecting the Fund’s performance. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify"><b><i>Shorting Securities Risk</i></b>
</p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify">Short positions are designed to profit from a decline in the price of particular securities, baskets of securities or indices. The Fund will lose value if and when the instrument’s price rises — a result that is the opposite from traditional mutual funds. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify"><b><i>Small and Mid-Capitalization Companies Risk</i></b>
</p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify">Investing in the securities of small-capitalization and mid-capitalization companies involves greater risks and the possibility of greater price volatility than investing in larger capitalization and more-established companies. Investments in mid-cap companies involve less risk than investing in small-cap companies. Smaller companies may have limited operating history, product lines, and financial resources, and the securities of these companies may lack </p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify">sufficient market liquidity. Mid-cap companies often have narrower markets and more limited managerial and financial resources than larger, more established companies. </p>
<p style="margin: 0px; text-align: justify">
<br />
</p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify"><b><i>Subadviser’s Investment Strategy Risk</i></b>
</p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify">The principal risk of investing in the Fund is that the Subadviser’s investment strategy will not be successful. While the Subadviser seeks to take advantage of investment opportunities for the Fund that will maximize its investment returns, there is no guarantee that such opportunities will ultimately benefit the Fund. The Subadviser will aggressively change the Fund’s portfolio in response to market conditions that are unpredictable and may expose the Fund to greater market risk than other mutual funds. There is no assurance that the Subadviser’s investment strategy will enable the Fund to achieve its investment objective. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; text-align: justify"><b><i>Tax Risk</i></b>  
</p>
<p style="margin: 0px; text-align: justify">Certain of the Fund’s investment strategies, including transactions in
options, futures contracts, hedging transactions, forward contracts and swap contracts
, may be subject to the special tax rules, the effect of which may have adverse tax consequences for the Fund.</p>
<p style="margin: 0px; text-align: justify">An investment in the Fund entails risks. The Fund could lose money, or its performance could trail that of other investment alternatives. The Advisers cannot guarantee that the Fund will achieve its objective. In addition, the Fund presents some risks not traditionally associated with most mutual funds. It is important that investors closely review and understand these risks before making an investment in the Fund. Turbulence in financial markets and reduced liquidity in equity, credit and fixed income markets could negatively affect many issuers worldwide, including the Fund. There is the risk that you could lose all or a portion of your money on your investment in the Fund. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify"><b><i>Aggressive Investment Techniques Risk</i></b>
</p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify">The Fund uses investment techniques that may be considered aggressive. Risks associated with the use of swap agreements and futures contracts include potentially dramatic price changes (losses) in the value of the instruments and imperfect correlations between the price of the contract and the underlying security or index. These instruments may increase the volatility of the Fund and may involve a small investment of cash relative to the magnitude of the risk assumed. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify"><b><i>Counterparty Risk</i></b>
</p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify">The Fund may invest in financial instruments involving counterparties for the purpose of attempting to gain exposure to a particular group of securities or asset class without actually purchasing those securities or investments, or to hedge a position. The Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Swap agreements also may be considered to be illiquid. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify"><b><i>Depositary Receipt Risk</i></b>
</p>
<p style="margin: 0px; text-align: justify">To the extent the Fund invests in stocks of foreign corporations, the Fund’s investment in such stocks may also be in the form of depositary receipts or other securities convertible into securities of foreign issuers, including ADRs. While the use of ADRs, which are traded on exchanges and represent an ownership in a foreign security, provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs continue to be subject to many of the risks associated with investing directly in foreign securities.  </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; text-align: justify"><b><i>
Derivatives Risk</i></b>
</p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify">Investments in derivatives are subject to market risks that may cause their prices to fluctuate over time and increase the Fund’s volatility. As a result, the Fund may incur larger losses or smaller gains than otherwise would be the case if the Fund invested directly in the underlying securities. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px"><b><i>Emerging Markets Risk</i></b>
</p>
<p style="margin: 0px; font-size: 1pt"> </p>
<p style="margin: 0px; text-align: justify">Investments in emerging markets instruments involve greater risks than investing in foreign instruments in general. Risks of investing in emerging market countries include political or social upheaval, nationalization of businesses, restrictions on foreign ownership and prohibitions on the repatriation of assets and risks from an economy’s dependence on revenues from particular commodities or industries. In addition, currency transfer restrictions, limited potential buyers for such instruments, delays and disruption in settlement procedures and illiquidity or low volumes of transactions may make exits difficult or impossible at times. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; text-align: justify"><b><i>Equity Securities Risk</i></b> </p>
<p style="margin: 0px; text-align: justify">
 </p>
<p style="margin: 0px; text-align: justify">Investments in publicly issued equity securities in general are subject to market risks that may cause their prices to fluctuate over time and in turn cause the Fund’s NAV to fluctuate. </p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; text-align: justify"><b><i>Foreign Securities Risk</i></b> </p>
<p style="margin: 0px; text-align: justify">
 </p>
<p style="margin: 0px; text-align: justify">Investments in foreign securities involve greater risks than investing in domestic securities. As a result, the Fund’s returns and net asset values may be affected to a large degree by fluctuations in currency exchange rates, political, diplomatic or economic conditions and regulatory requirements in other countries. The Fund also may invest in depositary receipts, including ADRs, which are traded on exchanges and provide an alternative to investing directly in foreign securities. Investments in ADRs are subject to many of the risks associated with investing directly in foreign securities. </p>
<p style="margin: 0px; text-align: justify">
<br />
</p>
<p style="margin: 0px; text-align: justify"><b><i>High Portfolio Turnover Risk</i></b>
</p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify">The Fund may experience high portfolio turnover, which would involve correspondingly greater expenses to the Fund, as well as potentially adverse tax consequences, to the Fund’s shareholders from distributions of increased net short-term capital gains and may adversely affect the Fund’s performance. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify"><b><i>Holding Cash Risk</i></b>
</p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify">The Fund may hold cash positions when the market is not producing returns greater than the short-term cash investments in which the Fund may invest. There is a risk that the sections of the market in which the Fund invests will begin to rise or fall rapidly and the Fund will not be able to sell stocks quickly enough to avoid losses, or reinvest its cash positions into areas of the advancing market quickly enough to capture the initial returns of changing market conditions. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify"><b><i>Leverage Risk</i></b>
</p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify">The Fund may employ leveraged investment techniques, including the use of financial instruments to produce leverage results as well as borrowing money for investment purposes. Use of leverage can magnify the effects of changes in the value of the Fund and makes it more volatile. The leveraged investment techniques that the Fund employs could cause investors in the Fund to lose more money in adverse environments. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; text-align: justify"><b><i>Non-Diversification Risk</i>
</b></p>
<p style="margin: 0px; text-align: justify">
 </p>
<p style="margin: 0px; text-align: justify">A non-diversified fund invests a high percentage of its assets in a limited number of securities, exposing the Fund to fluctuations in net asset value and total return. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify"><b><i>Other Investment Companies and ETFs Risk</i></b>
</p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify">Investments in the securities of other investment companies may involve duplication of advisory fees and certain other expenses. Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses paid by shareholders of the other investment company or ETF, in addition to the fees and expenses Fund shareholders directly bear in connection with the Fund’s own operations. If the investment company or ETF fails to achieve its investment objective, the value of the Fund’s investment will decline, adversely affecting the Fund’s performance. In addition, ETF shares potentially may trade at a discount or a premium and are subject to brokerage and other trading costs, which could result in greater expenses to a Fund. Finally, because the value of ETF shares depends on the demand in the market, the Adviser may not be able to liquidate a Fund’s holdings in an ETF’s shares at the most optimal time, adversely affecting the Fund’s performance. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify"><b><i>Shorting Securities Risk</i></b>
</p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify">Short positions are designed to profit from a decline in the price of particular securities, baskets of securities or indices. The Fund will lose value if and when the instrument’s price rises — a result that is the opposite from traditional mutual funds. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify"><b><i>Small- and Mid-Capitalization Companies Risk</i></b>
</p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify">Investing in the securities of small-capitalization and mid-capitalization companies involves greater risks and the possibility of greater price volatility than investing in larger capitalization and more-established companies. Investments in mid-cap companies involve less risk than investing in small-cap companies. Smaller companies may have limited operating history, product lines, and financial resources, and the securities of these companies may lack sufficient market liquidity. Mid-cap companies often have narrower markets and more limited managerial and financial resources than larger, more established companies. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify"><b><i>Subadviser’s Investment Strategy Risk</i></b>
</p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify">The principal risk of investing in the Fund is that the Subadviser’s investment strategy will not be successful. While the Subadviser seeks to take advantage of investment opportunities for the Fund that will maximize its investment returns, there is no guarantee that such opportunities will ultimately benefit the Fund. The Subadviser will aggressively change the Fund’s portfolio in response to market conditions that are unpredictable and may expose the Fund to greater market risk than other mutual funds. There is no assurance that the Subadviser’s investment strategy will enable the Fund to achieve its investment objective. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; text-align: justify"><b><i>Tax Risk</i></b>  
</p>
<p style="margin: 0px; text-align: justify">Certain of the Fund’s investment strategies, including transactions in
options, futures contracts, hedging transactions, forward contracts and swap contracts
may be subject to the special tax rules, the effect of which may have adverse tax consequences for the Fund.</p>
<p style="margin: 0px; font-family: Arial; text-align: justify"><b>Performance</b></p>
<p style="margin: 0px; font-family: Arial; text-align: justify"><b>Performance</b></p>
<p style="margin: 0px; font-family: Arial; text-align: justify"><b>Performance</b></p>
<p style="margin: 0px">The following performance information provides some indication of the risks of investing in the Fund by demonstrating how its returns have varied over time. The bar chart shows changes in the Fund’s performance of its Service Class shares from calendar year to calendar year. The table shows how the Service Class shares’ average annual returns for the one-year, five- year and since inception periods compare with those of a broad-based market index for the same periods. Returns for Investor Class shares would have substantially similar annual returns as Service Class shares because the shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that the Classes do not have the same expenses. The S&P 500 Index shows how the Fund compared with the performance of a widely used securities index during the periods shown. The Barclays Capital U.S. Aggregate Bond Index shows how the performance of stocks compared with bonds during the same periods. Prior to June 11, 2007, the Fund pursued a different investment objective and strategy; therefore, performance results presented for periods prior to that date reflect the performance of the prior strategy. The Fund’s past performance, before and after taxes, is not necessarily an indication of how it will perform in the future. Updated performance is available on the Fund’s website at www.HundredfoldSelect.com, or by contacting Gemini Fund Services or Hundredfold or by calling the Fund toll-free at 855-582-8006.</p>
<p style="margin: 0px; text-align: justify">The Fund was reorganized on October 3, 2011 from a predecessor fund (the “Predecessor Fund”) to a series of Northern Lights Fund Trust II (the “Trust”), a Delaware statutory trust (the “Reorganization”).  The Fund is a continuation of the Predecessor Fund and, therefore, the performance information includes performance of the Select Alternative Predecessor Fund. </p>
<p style="margin: 0px">The following performance information provides some indication of the risks of investing in the Fund by demonstrating how its returns have varied over time. The bar chart shows changes in the Fund’s performance from calendar year to calendar year. The table shows how the Fund’s average annual returns for the one-year, five-year and since inception periods compare with those of a broad-based market index for the same periods. The performance of the S&P 500 Index shows how the Fund compared with the performance of a widely used U.S. securities index during the period shown, while the MSCI World Index shows how the performance of a broad-based world index compared against a broad-based U.S. stock index during the same periods. The Fund’s past performance, before and after taxes, is not necessarily an indication of how it will perform in the future. Updated performance is available on the Fund’s website at www.HundredfoldSelect.com, or by contacting Northern Lights or Hundredfold or by calling the Fund toll-free at 855-582-8006. </p>
<p style="margin: 0px"><br /></p>
<p style="margin: 0px">The Fund was reorganized on October 3, 2011 from a predecessor fund (the “Select Global Predecessor Fund”) to a series of Northern Lights Fund Trust II, a Delaware statutory trust (the “Reorganization”).  The Fund is a continuation of the Select Global Predecessor Fund and, therefore, the performance information includes performance of the Select Global Predecessor Fund.</p>
<p style="margin: 0px; text-align: justify">The following performance information provides some indication of the risks of investing in the Fund by demonstrating how its returns have varied over time. The bar chart shows changes in the Fund’s performance from calendar year to calendar year. The table shows how the Fund’s average annual returns for the one year, five year and since inception periods compare with those of a broad-based market index for the same periods. The Fund’s past performance, before and after taxes, is not necessarily an indication of how it will perform in the future. Updated performance is available on the Fund’s website at www.HundredfoldSelect.com, or by contacting Northern Lights or Hundredfold or by calling the Fund toll-free at 855-582-8006. </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; text-align: justify">The Fund was reorganized on October 3, 2011 from a predecessor fund (the “Select Equity Predecessor Fund”) to a series of Northern Lights Fund Trust II, a Delaware statutory trust (the “Reorganization”).  The Fund is a continuation of the Select Equity Predecessor Fund and, therefore, the performance information includes performance of the Select Equity Predecessor Fund.</p>
<p style="margin: 0px; text-align: left"><b>Total Return for the Calendar Year Ended December 31,</b></p>
<p style="margin: 0px; text-align: left"><b>Total Return for the Calendar Year Ended December 31,</b></p>
<p style="margin: 0px; text-align: left"><b>Total Return for the Calendar Year Ended December 31,</b></p>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column dei_LegalEntityAxis compact nlf_S000033695Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
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<div style="display: none">~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column dei_LegalEntityAxis compact nlf_S000033697Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<p style="margin: 0px"></p>
<p style="margin: 0px; font-size: 1pt"> </p>
<p style="margin-top: 0px; margin-bottom: 11.13px; text-align: justify">During the period of time shown in the bar chart, the Fund’s highest calendar quarter return was 15.12% for the quarter ended June 30, 2009 and its lowest calendar quarter return was –5.37% for the quarter ended March 31, 2008.
The year-to-date return of the Service Class Shares for the nine-month period ended September 30, 2012 was 8.89%.
</p>
<p style="margin: 0px; font-size: 1pt"> </p>
<p style="margin-top: 0px">During the period of time shown in the bar chart, the Fund’s highest calendar quarter return was 17.57% for the quarter ended June 30, 2009 and its lowest calendar quarter return was –13.27% for the quarter ended September 30, 2008.
 The year-to-date return of the Service Class Shares for the nine-month period ended September 30, 2012 was -1.35%.
</p>
<p style="margin: 0px">During the period of time shown in the bar chart, the Fund’s highest calendar quarter return was 15.12% for the quarter ended September 30, 2009 and its lowest calendar quarter return was –10.07% for the quarter ended March 31, 2008.
The year-to-date return of the Service Class Shares for the nine-month period ended September 30, 2012 was 5.03%.
</p>
<p style="margin: 0px"><b>Average Annual Total Returns </b>(for the periods ended December 31, 2011) </p>
<p style="margin: 0px"><b>Average Annual Total Returns </b>(for the periods ended December 31, 2011) </p>
<p style="margin: 0px"><b>Average Annual Total Returns </b>(for the periods ended December 31, 2011) </p>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact nlf_S000033695Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact nlf_S000033696Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact nlf_S000033697Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<p style="margin: 0px; text-align: justify">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). </p>
<p style="margin: 0px; text-align: justify">After-tax returns are calculated using the historically highest individual
federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on
an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who
hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or IRA.</p>
<p style="margin-top: 0px; margin-bottom: 1.13px"></p>
<p style="margin: 0px; text-align: justify">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or IRA. </p>
0.0100
0.0100
0.0100
0.0100
0.0100
0.0100
0.0045
0.0045
0.0045
0.0045
0.0045
0.0045
303
289
271
927
886
832
1577
1508
1420
3318
3185
3012
-0.0007
0.1207
0.0240
0.0872
0.2061
0.0613
0.0285
0.0582
0.0461
-0.1224
-0.2410
-0.2277
0.3003
0.2210
0.2178
0.1106
0.0375
0.1050
0.0401
-0.2046
-0.1466
0.0401
0.0225
0.0279
0.0784
0.0211
-0.2046
-0.2046
-0.1330
-0.0761
0.0211
-0.1466
-0.1466
-0.0953
0.0211
0.0628
0.0529
0.0497
0.0650
-0.0025
-0.0415
-0.0527
-0.0398
-0.0443
-0.0025
-0.0149
-0.0206
-0.0154
-0.0025
0.0570
0.0449
0.0429
0.0551
0.0388
0.0326
0.0127
0.0183
0.0185
0.0394
0.0137
0.0037
0.0065
0.0368
2004-09-01
2004-09-27
2004-10-11
4.1800
19.7900
22.7700
These expenses are based on estimated amounts for the Fund’s current fiscal year.
These expenses are based on estimated amounts for the Fund’s current fiscal year.
These expenses are based on estimated amounts for the Fund’s current fiscal year.
Total Annual Fund Operating Expenses for the Fund do not correlate to the “Ratios to Average Net Assets: Net Expenses” provided in the Financial Highlights section of the statutory prospectus, which reflects the operating expenses of the Fund and does not include acquired fund fees and expenses.
Total Annual Fund Operating Expenses for the Fund do not correlate to the “Ratios to Average Net Assets: Net Expenses” provided in the Financial Highlights section of the statutory prospectus, which reflects the operating expenses of the Fund and does not include acquired fund fees and expenses.
Total Annual Fund Operating Expenses for the Fund do not correlate to the “Ratios to Average Net Assets: Net Expenses” provided in the Financial Highlights section of the statutory prospectus, which reflects the operating expenses of the Fund and does not include acquired fund fees and expenses.
<p style="margin: 0px; text-align: justify">The Fund could lose money, or its performance could trail that of other investment alternatives.</p>
<p style="margin: 0px; text-align: justify">The Fund could lose money, or its performance could trail that of other investment alternatives.</p>
<p style="margin: 0px; text-align: justify">The Fund could lose money, or its performance could trail that of other investment alternatives.</p>
<p style="margin: 0px; text-align: justify"></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin: 0px; text-align: justify">A non-diversified fund invests a high percentage of its assets in a limited number of securities, exposing the Fund to fluctuations in net asset value and total return. </p>
<p style="margin: 0px">A non-diversified fund invests a high percentage of its assets in a limited number of securities, exposing the Fund to fluctuations in net asset value and total return. </p>
<p style="margin: 0px; text-align: justify">A non-diversified fund invests a high percentage of its assets in a limited number of securities, exposing the Fund to fluctuations in net asset value and total return. </p>
<p style="margin-top: 0px; margin-bottom: 11.13px; text-align: justify">The S&P 500 Index shows how the Fund compared with the performance of a widely used securities index during the periods shown. The Barclays Capital U.S. Aggregate Bond Index shows how the performance of stocks compared with bonds during the same periods.</p>
<p style="margin: 0px; text-align: justify">The performance of the S&P 500 Index shows how the Fund compared with the performance of a widely used U.S. securities index during the period shown, while the MSCI World Index shows how the performance of a broad-based world index compared against a broad-based U.S. stock index during the same periods.</p>
855-582-8006
855-582-8006
855-582-8006
www.HundredfoldSelect.com
www.HundredfoldSelect.com
www.HundredfoldSelect.com
<p style="margin-top: 0px; margin-bottom: 11.13px; text-align: justify">The Fund’s past performance, before and after taxes, is not necessarily an indication of how it will perform in the future.</p>
<p style="margin-top: 0px; margin-bottom: 11.13px; text-align: justify">The Fund’s past performance, before and after taxes, is not necessarily an indication of how it will perform in the future.</p>
<p style="margin-top: 0px; margin-bottom: 11.13px; text-align: justify">The Fund’s past performance, before and after taxes, is not necessarily an indication of how it will perform in the future.</p>
<p style="margin-top: 0px; margin-bottom: 11.13px; text-align: justify">The following performance information provides some indication of the risks of investing in the Fund by demonstrating how its returns have varied over time.</p>
<p style="margin-top: 0px; margin-bottom: 11.13px; text-align: justify">The following performance information provides some indication of the risks of investing in the Fund by demonstrating how its returns have varied over time.</p>
<p style="margin-top: 0px; margin-bottom: 11.13px; text-align: justify">The following performance information provides some indication of the risks of investing in the Fund by demonstrating how its returns have varied over time.</p>
<p style="margin: 0px; text-align: justify">The Fund was reorganized on October 3, 2011 from a predecessor fund (the “Predecessor Fund”) to a series of Northern Lights Fund Trust II (the “Trust”), a Delaware statutory trust (the “Reorganization”).  The Fund is a continuation of the Predecessor Fund and, therefore, the performance information includes performance of the Predecessor Fund. </p>
<p style="margin: 0px; text-align: justify"></p>
<p style="margin: 0px; font-size: 1pt; text-align: justify"> </p>
<p style="margin-top: 0px; margin-bottom: 11.13px; text-align: justify">Because the Fund has only recently commenced investment operations of Investor Class shares, no performance information is available for Investor Class shares<font style="font: 11pt Arial">.</font></p>
<p style="margin-top: 0px; margin-bottom: 11.13px; text-align: justify">The year-to-date return of the Service Class Shares</p>
<p style="margin-top: 0px; margin-bottom: 11.13px; text-align: justify">The year-to-date return of the Service Class Shares</p>
<p style="margin-top: 0px; margin-bottom: 11.13px; text-align: justify">The year-to-date return of the Service Class Shares</p>
2012-09-30
2012-09-30
2012-09-30
0.0889
-0.0135
0.0503
<p style="margin-top: 0px; margin-bottom: 11.13px; text-align: justify">highest calendar quarter return was</p>
<p style="margin-top: 0px; margin-bottom: 11.13px; text-align: justify">highest calendar quarter return was</p>
<p style="margin-top: 0px; margin-bottom: 11.13px; text-align: justify">highest calendar quarter return was</p>
2009-06-30
2009-06-30
2009-09-30
0.1512
0.1757
0.1512
<p style="margin-top: 0px; margin-bottom: 11.13px; text-align: justify">lowest calendar quarter return was</p>
<p style="margin-top: 0px; margin-bottom: 11.13px; text-align: justify">lowest calendar quarter return was</p>
<p style="margin-top: 0px; margin-bottom: 11.13px; text-align: justify">lowest calendar quarter return was</p>
2008-08-31
2008-09-30
2008-03-31
-0.0537
-0.1327
-0.1007
<p style="margin: 0px">Reflects no deduction for fees, expenses or taxes</p>
<p style="margin: 0px">Reflects no deduction for fees, expenses or taxes</p>
<p style="margin: 0px">Reflects no deduction for fees, expenses or taxes</p>
<p style="margin: 0px; text-align: justify">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</p>
<p style="margin: 0px; text-align: justify">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</p>
<p style="margin: 0px; text-align: justify">After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</p>
<p style="margin: 0px; text-align: justify">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). </p>
<p style="margin: 0px; text-align: justify">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). </p>
<p style="margin: 0px; text-align: justify">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). </p>
<p style="margin: 0px"><b>Average Annual Total Returns </b>(for the periods ended December 31, 2011) </p>
<p style="margin: 0px"><b>Average Annual Total Returns </b>(for the periods ended December 31, 2011) </p>
<p style="margin: 0px"><b>Average Annual Total Returns </b>(for the periods ended December 31, 2011) </p>
<p style="margin: 0px; text-align: justify">Under normal market conditions, the Fund will invest at least 80% in equity securities or derivatives of such securities.</p>
These expenses are based on estimated amounts for the Funds current fiscal year.
Total Annual Fund Operating Expenses for the Fund do not correlate to the Ratios to Average Net Assets: Net Expenses provided in the Financial Highlights section of the statutory prospectus, which reflects the operating expenses of the Fund and does not include acquired fund fees and expenses.